Two Thirds of Pensioners are Financially Comfortable, as Standard of Living Rises

Almost two thirds (63 per cent) of pensioners say that they are financially comfortable, while 86 per cent are happy with how their retirement has turned out, a new survey has found.

According to the latest data from Prudential, more than a quarter (26 per cent) of people who have retired in the past 10 years say that they have been fitter and healthier since they stopped working, with 35 per cent have reported that their life is more adventurous than when they were at work, and almost half (48 per cent) say that they are busier and more active than they expected.

“Over the last 10 years we’ve studied the finances, plans and aspirations of people as they reach retirement, so it’s really good to now find out that for many people retirement has provided them with a new lease of life,” said Kirsty Anderson, a retirement expert at Prudential.

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“And as people who plan to finish work in the next ten years begin to look forward to their retirement, there’s plenty they can still do to make sure they are as comfortable as the people who have become pensioners over the last decade.”

The report is the latest instalment in Prudential’s annual ‘Class of…’ series, which measures the views of retirees within their first decade of finishing work. This research relates to those pensioners who retired in 2008, just before the global financial crisis hit.

Anderson noted that those who are retiring now may have a different outlook on their retirement, thanks to stock market volatility and the lower rates of interest available.

“Most importantly, in the face of changing pension rules, many people will benefit from a consultation with a professional financial adviser in the run up to retirement,” she added.

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Kathryn Gaw

Kathryn Gaw is a financial journalist based in Belfast, Northern Ireland. She has been writing about personal finance and investment trends for more than a decade, and her work has been featured in the Financial Times, City A.M., the Press Association, and The Irish Independent, among many other publications.